SPX Gamma Outlook: June Targets and Market Structure

SPX is approaching an inflection point

The options market structure—reflected in the net gamma exposure (GEX) by strike—offers valuable clues about likely price behavior and key resistance zones. Here's what the gamma landscape tells us:

---

Key Takeaways from the Gamma Picture

🟠 Price: Near 5960–5980
🟠 GEX Flip Zone: ~5900
🟠 Major Gamma Walls: 6000–6100

---

Near-Term Expiration (June 6th)

On the left side of the chart, the gamma structure for the June 6 expiration is concentrated around the 6050 strike, with +17.3 million in net positive gamma. This suggests that:

• Market makers are heavily long gamma above 6000, particularly at 6050.

• If SPX begins moving toward 6000, dealer hedging behavior will dampen volatility, as they’ll be buying dips and selling rallies.

• This makes a clean breakout above 6050 less likely without a volatility catalyst (e.g., macro data or Fed commentary).

---

All Expirations Combined

Zooming out to all expirations (right chart), the broader structure reinforces this view:

• Heavy positive gamma between 6000 and 6100 creates overhead resistance.

• Below 5900, the gamma picture turns negative, marking a GEX flip zone where volatility could increase sharply.

• The 5960–5980 range, where SPX currently trades, is a "sticky zone"—it has sufficient positive gamma to keep the index stable unless a major shift occurs.

---